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Algorand (ALGO): Pricing Updates, Recent Developments, Future Events, Community
  • The University of Florida announced a partnership with Algorand to explore its advanced Layer 1 proof-of-stake blockchain
  • Algorand is starting to make its mark in the DeFi sector, with the launch of dApps and a GameFi project, which raised $2.3 million in funding
  • TxnLab also announced the development of an Algorand Non-fungible domain expected to launch in the second quarter
  • Grayscale has added ALGO, which is currently trading at $0.953, to its tokens under consideration

Algorand is a decentralized network designed to simultaneously solve the blockchain trilemma of achieving speed, security, and decentralization. Algorand’s permissionless, open-source blockchain has been used in real estate, copyright, microfinance, and more.

In September 2021, the carbon negative blockchain network made headlines after the government of El Salvador chose Algorand to build government blockchain infrastructure. So how has Algorand been doing lately?

RECENT DEVELOPMENTS

Solving the blockchain trilemma, the Algorand blockchain has become a favorite among developers. As a result, the Algorand Foundation recently announced a partnership with the University of Florida to develop the Blockchain Lab.

According to the announcement, the development of the blockchain lab will be powered by the Algorand blockchain. As part of this year-long partnership, Algorand will implement a robust program to support blockchain education with specific use of Algorand’s technology.

The Algorand blockchain is also used by a number of central banks around the world in the development of Central Bank Digital Currencies (CBDCs). Algorand recently announced the launch of a CBDC dashboard.

“This model allows us to simulate realistic payment flows that the dashboard visualizes. This will help decision makers better understand the design choices available to them when designing a CBDC.

Another area where Algorand is becoming increasingly popular is with decentralized finance (DeFi) protocol developers. As Algorand’s DeFi space grows, DappRadar announced that it is now tracking Algorand’s dApps.

As Algorand’s footprint in the DeFi sector grows, Zone, Algorand’s first GameFi project on the blockchain, raised $2.35 million in new funding before launching its initial dex offering on January 15.

Events to come

Algorand’s outlook has caught the eye of global asset manager, Grayscale Investment. In a recent announcement, Grayscale lists Algorand’s native token, ALGO, as one of the tokens under consideration to add to the digital assets it holds.

Algorand has announced that an NFT marketplace is currently being built on its blockchain. On January 21, TxnLab announced that it had raised $1.25 million, which it would use to create the Algorand name service and marketplace.

According to TnxLab, Algorand’s first NFT marketplace will launch in Q2 2022. In addition, resources are also being used to build and scale a robust name and identity solution, the non-fungible domain, to benefit of the Algorand community.

Prior to the launch of NFD, Algodrop announced that an NFT platform will be launched on Algorand on January 30. The NFT platform created by Monkelab promises to change Algorand’s NFT scene forever.

Price Updates

Algorand’s recent performance reflects the struggles in the crypto market as fears of interest rate hikes and rising inflation led to a sell-off. Despite gaining 2% over the past 24 hours, Algorand has suffered significant losses since the start of 2022.

The 24 hour price chart of Algorand (ALGO). Source: commercial view

Algorand is currently trading at $0.953, unable to hold its ground above the $1 mark. Algorand is currently ranked as the 25th largest cryptocurrency, with a market capitalization of $6.22 billion.

on the reverse

  • Despite its recent push into decentralized finance, Algorand ranks as a relative newcomer, with just $3.4 million tied up in four dApps
  • Additionally, compared to tokens from other DeFi chains like ETH, SOL, and LUNA, ALGO was found to be more overvalued.

Community

Algorand’s unique solution to the blockchain trilemma has created a strong community of followers. Additionally, Algorand’s decentralized framework also ensures that its community members are part of the project’s decision-making.

The ALGO community now consists of big believers in the project who see Algorand as the future of DeFi. One user, John Busch, wrote about Algorand:

@NJVM22 shared his thoughts on Algorand:

@TheActualMisa thinks:

Despite the downtrends hitting the crypto market, @neilstucky1 writes:

Why You Should Care

Solving the blockchain trilemma of security, scalability, and decentralization, Algorand is an exciting prospect for the future, especially as it uses its uniqueness to transform the nascent DeFi sector.

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